It would also risk putting existing gentrification into hyperdrive. If taxes rose significantly past what older/minority/low-income residents can afford, they would be driven out of their homes faster than new affordable homes can be built.
Right I think this is the biggest factor. People living in a home in an area that becomes prime real estate will find not only the value of their home going up, but the taxes they have to pay on it every year. Prop 13 says that can only hair at 2 percent, regardless of the value; without it, a family could easily find their home becoming unaffordable for them to stay in. This isn’t a concern in areas where home prices don’t grow rapidly.
It would also risk putting existing gentrification into hyperdrive. If taxes rose significantly past what older/minority/low-income residents can afford, they would be driven out of their homes faster than new affordable homes can be built.
Right I think this is the biggest factor. People living in a home in an area that becomes prime real estate will find not only the value of their home going up, but the taxes they have to pay on it every year. Prop 13 says that can only hair at 2 percent, regardless of the value; without it, a family could easily find their home becoming unaffordable for them to stay in. This isn’t a concern in areas where home prices don’t grow rapidly.